In brief: Iranians seek to invest in assisted-living project

A Chicago company that arranges overseas investment in U.S. ventures has filed suit against the U.S. Department of the Treasury, seeking a ruling on whether an investment by Iranians in a proposed $8.5 million assisted-living building in the western suburbs would violate trade sanctions against the Islamic republic. Chicagoland Foreign Investment Group LLC applied for permission in January 2011 but has yet to receive a response, according to a complaint filed on July 10 in U.S. District Court in Chicago. Several Iranian investors have committed to investing at least $500,000 in Aurora Memory Care LLC, which has proposed a 60-unit development at 1340 N. River Road in the western suburb. Attorney Taher Kameli, a principal in Chicagoland Foreign Investment Group, did not return phone calls to comment. A spokesman for the U.S. Attorney's Office declined to comment.

FDA decision on Horizon Pharma drug expected Thursday

The U.S. Food and Drug Administration on Thursday is expected to give a thumbs-up to Horizon Pharma Inc.'s anti-inflammatory Rayos. The drug is a time-release formulation of the corticosteroid prednisone and is already being marketed in Europe under the name Lodotra. Analysts expect that Rayos will receive clearance from the FDA for sale in the U.S. Horizon's stock price has hovered near $4 for most of this year. In June, it peaked at $8.30 after the company signed a sales and marketing agreement with the Hazelwood, Mo.-based pharmaceutical arm of Covidien PLC for another drug. In recent weeks, the stock price has declined, closing at $7.70 a share on Monday. As it tries to push its products to market, the Deerfield-based company's cumulative deficit reached nearly $244 million on March 31, according to a filing with the Securities and Exchange Commission.

Rush disputes facilities board staff

Rush University Medical Center joined in an application for state approval of a $39.5 million health care facility in west suburban Lisle, even though there are “good faith questions” whether such a review is necessary, according to a July 9 letter sent by a lawyer for the hospital to the Illinois Health Facilities and Services Review Board. The staff of the board contends that state review is necessary, citing in part $2.9 million to be spent on a linear accelerator used for radiation therapy. Even if the state must approve the equipment purchase, the letter by law firm Holland & Knight LLP points out that Rush won't own the building or accelerator, seemingly distancing the hospital from Downers Grove-based DuPage Medical Group's permit issue. A spokesman for the Near West Side hospital said in an email that “the letter serves to underscore that neither applicant would intentionally disregard the board's rules.” A DuPage Medical spokeswoman declined to comment.